Working with VRML 1.0 files in the current version of Blender
Blender doesn't support VRML1.0, Your best option would be to find a program that supports it and re-save as a different format that Blender does support (VRML2.0 or X3D)

If you search for VRML 1 to 2 there are many hits and links that look useful.

The successor to VRML1 was released in 1997, over 15 years old. Support for formats that are long out of use is limited, at some point its probably best to use file format converting applications.